IFSC Codes, Why is IFSC important?

IFSC Codes
FAQ’s on IFCS Codes
1. What is IFSC?
Ans: IFSC, or Indian Financial System Code, is a unique alphanumeric code assigned to each bank branch in India. It is used to identify a specific branch in electronic fund transfer and other online transactions.

2. Why is IFSC important?
Ans: IFSC is crucial for electronic funds transfer systems like NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service) to uniquely identify the destination bank branch.

3. How is an IFSC code structured?
Ans: An IFSC code is an 11-character code. The initial four characters denote the bank code, the fifth character is invariably “0,” and the concluding six characters distinguish the particular branch.